The Wages Of “Tax The Rich”
This sort of speaks for itself:
Democratic political committees have seen a decline in their fundraising fortunes this year, a result of complacency among their rank-and-file donors and a de facto boycott by many of their wealthiest givers, who have been put off by the party’s harsh rhetoric about big business.
The trend is a marked reversal from recent history, in which Democrats have erased the GOP’s long-standing fundraising advantage. In the first six months of 2009, Democratic campaign committees’ receipts have dropped compared with the same period two years earlier.
The vast majority of those declines were accounted for by the absence of large donors who, strategists say, have shut their checkbooks in part because Democrats have heightened their attacks on the conduct of major financial firms and set their sights on rewriting the laws that regulate their behavior.
There’s two things combining to create this trend, I believe.
First, political donations usually come out of disposable income (that’s a fancy name for what’s left over after the “must-haves” like mortgage, utilities, car payment, taxes, etc are paid), and with the Democrats signaling loud and clear that they’re going to increase taxes on top earners, that means they’ll have less disposable income. Therefore, smart people, when they hear things like that, start tightening their belts right away.
Second, the attacks on the financial sector, not to mention high-income people in general, really aren’t designed to make these high earners feel all warm and fuzzy about the Democratic Party, and the high earners are responding accordingly: by withholding their money from the party that’s attacking them.
Once again, the Obamacrats are getting bitten by something they should have been able to see coming, but for whatever reason didn’t, either through ignorance or just plain arrogance.